CORAM, N.Y. — Racanelli Construction Co. has completed construction of All American Assisted Living at Coram, a $12.6 million seniors housing project located in the Long Island hamlet of Coram. Kaplan Development Group owns the 58,000-square-foot property, which offers assisted living, memory care and respite care services. Engelbrecht & Griffin Architects designed the project. The number of units was not disclosed.
CHICAGO — Magellan Development Group LLC has rebranded its 101-story project, previously known as Vista Tower, into The St. Regis Chicago. Magellan has partnered with St. Regis Hotels & Resorts and The Alinea Group. The project features both hospitality and condominium space. The 191-room hotel will feature several dining options, including a fine dining restaurant, a restaurant and lounge overlooking the Chicago River and a sky bar with outdoor terrace. Amenities include an indoor pool, spa, fitness room, ballroom and meeting rooms. The condominiums will be named The Residences at The St. Regis Chicago. Residents of the 393 condominiums will have access to a resident-only amenity floor. Located on the 47th floor, this space will feature a sky terrace with outdoor pool, lounge, demonstration kitchen, fitness center, conference center, golf lounge and children’s activity room. Designed by Jeanne Gang of Studio Gang, the 101-story tower is the third-tallest building in Chicago. Residents will begin to take occupancy in December with full completion slated for the third quarter of 2021. Condos are priced from $1 million to $18.5 million.
KENOSHA, WIS. — The City of Kenosha has unveiled plans for a $400 million project known as Downtown Vision. It will include two 11-story towers to be known as the Brindisi Towers, which will feature luxury apartments and condos as well as restaurant and retail space on the ground floor. A new entertainment and performing arts center will also be built with a 1,200-seat main theater and a smaller 300-seat community theater. A gallery will be operated by the Kenosha Public Museum. The performing arts center will connect to a higher-end hotel. As part of the project, Kenosha City Hall will be relocated. The current location will be transformed into a park. A parking ramp will increase downtown parking by 356 stalls. The Downtown Vision plan will be presented for review and recommendation to the Public Works Committee, Public Safety & Welfare Committee and Finance Committee in early December. Then it will go to the Common Council for approval with the goal of receiving final project approval by the end of the year. The Downtown Vision project complements a recently released plan for the Uptown neighborhood with the development of Uptown Lofts, an $18 million project that will transform the …
CHICAGO — Sterling Bay has sold 1515 W. Webster, a 207,000-square-foot office building at Lincoln Yards in Chicago for $110.2 million. Constructed in 2018 on the site of the former Gutmann Leather Tannery, the fully leased property was the first office development completed at Lincoln Yards, Sterling Bay’s mixed-use development located along the North Branch of the Chicago River. A global third-party logistics provider occupies the four-story building, which includes open workstations, private offices, conference rooms, two reception areas, a café and a 5,000-square-foot terrace. David Knapp, Tom Sitz, Cody Hundertmark and Josh McGee of Cushman & Wakefield marketed the property for sale and procured the buyer, Apex Capital. The sale was Chicago’s fourth-largest office sale price of 2020, according to Sterling Bay.
KALAMAZOO, MICH. — A new Hilton Garden Inn hotel has opened in downtown Kalamazoo. The hotel will operate at a reduced capacity of 54 rooms, with the remaining 60 rooms expected to open in February. The dual-branded development adjoins a 106-room Home2 Suites by Hilton hotel that is slated to open in May. PlazaCorp and Dora Hotel Co. partnered on the project, which is a restoration of the historic Mason Temple building. Designed by Spier & Rohns and dating back to 1915, the property is listed on the National Register of Historic Places. Amenities at the hotel include an indoor pool, onsite restaurant, outdoor courtyard, fitness center, lounge, business center and 2,100 square feet of banquet space.
HAMILTON TOWNSHIP, N.J. — The Legacy Companies, a Florida-based food manufacturing and consumer appliance provider, has signed a 78,585-square-foot industrial lease at 2555 Kuser Road in the Northern New Jersey township of Hamilton. Ken Morris of Morris Southeast Group and Mike Witco of Chilmark Real Estate Services LLC represented the tenant in the lease negotiations. Scannell Properties owns the building.
KANSAS CITY, MO. — Berkadia has provided a $20.5 million Fannie Mae loan for the refinancing of Summit Crossing Phase II in Kansas City. The townhome-style multifamily property consists of 204 units across all phases. Amenities include two playgrounds, two pools, a business center, pickleball court, soccer field and fitness center. John Schorgl of Berkadia originated the loan on behalf of the borrower, Missouri-based Worcester Investments. The 10-year loan features a fixed interest rate with three years of interest-only payments and a 30-year amortization schedule.
NORTHAMPTON, MASS. — MassHousing has provided $4.5 million in financing for the development of North Commons at Village Hill, a 53-unit workforce housing project that will be located in the Central Massachusetts city of Northampton. The financing consisted of $3.1 million in taxable permanent financing and $1.4 million in financing from the Agency’s Workforce Housing Initiative. The borrower was The Community Builders. The property will feature eight studio units, 19 one-bedroom apartments, 22 two-bedroom residences and four three-bedroom apartments. A construction timeline was not disclosed.
ORANGE COUNTY, CALIF. — Orange County-based Raintree Partners has purchased a portfolio of five multifamily communities in Southern California from a private seller for $142 million. Totaling 551 units, the properties are located in four submarkets: Glendale, Hollywood and Canoga Park in Los Angeles County, and Camarillo in Ventura County. Raintree plans to implement a value-add renovation plan across the four Los Angeles County properties, which will include intensive upgrades to exteriors, amenity areas and unit interiors. Additionally, the firm plans to complete a light refresh at the Camarillo asset. The portfolio includes: Mountain View Apartments, a 106-unit community at 659 Las Posas Road in Camarillo Imperial Manor Remmet & Strathern Apartments, a 64-unit property located at 8101-811 Remmet Ave. and 21601-21609 Strathern St. in Canoga Park Perigee Apartments, a 200-unit asset located at 21041 Parthenia St. in Canoga Park Imperial Crest Apartments, a 44-unit complex at 1120-1124 Thompson Ave. in Glendale Canyon Drive Manor Apartments, a 137-unit community located at 1738 N. Canyon Drive in Hollywood Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal. Greg Reed and Kristen Croxton of Capital One arranged financing, which Fannie Mae provided.
PHOENIX — Irvine, California-based Granite Phoenix Complex Holdings has completed the disposition of TriWest Corporate Headquarters Campus, a four-building office property in Phoenix. An East Coast-based private buyer entered the Phoenix market by acquiring the property for an undisclosed price. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the transaction. Situated on 12.3 acres within Arizona Business Park, TriWest Corporate Headquarters Campus features 121,511 square feet of office space. TriWest Healthcare Alliance fully occupies the property, which is located at 15810, 15820, 15830 and 16010 N. 28th Ave. TriWest has occupied the property since 2003 and recently renewed its lease.